Seoul: President Lee Jae Myung announced on Monday that he and Vietnam’s top leader, To Lam, have agreed to intensify efforts to increase their countries’ bilateral trade volume to US$150 billion by 2030. This commitment comes as both nations aim to strengthen cooperation amidst global trade uncertainties.
According to Yonhap News Agency, during a summit, the leaders adopted a joint declaration to deepen the Comprehensive Strategic Partnership that was established three years ago. This partnership covers areas such as trade, security, science and technology, and people-to-people exchanges. Marking the 10th anniversary of the Korea-Vietnam free trade agreement, both countries have set the ambitious goal of increasing their bilateral trade volume, which stood at $86.7 billion in 2024.
Vietnam is currently South Korea’s third-largest trading partner and hosts approximately 10,000 Korean companies. President Lee emphasized the importance of bolstering cooperation on large-scale infrastructure projects, including those in nuclear power, high-speed railways, and new city developments.
This summit between Lee and Lam, the general secretary of Vietnam’s Communist Party, was significant as it marked Lee’s first time hosting a foreign leader since assuming office in June. It also represented the first visit by Vietnam’s party chief to South Korea in 11 years. During their discussions, Lee underscored Vietnam’s importance as a neighboring nation in terms of trade and security, seeking support for Korean companies and nationals in Vietnam.
Lam expressed his aspiration to expand the strategic partnership and practical cooperation during his visit, inviting Lee to Vietnam for further discussions. The two nations signed at least 10 memoranda of understanding, outlining cooperation in areas such as nuclear energy, renewable energy, technology and science, intellectual property rights, education, and people-to-people exchanges.
The leaders further agreed to enhance diplomatic coordination at international events and expand cooperation in the security and defense industry. As part of these efforts, they decided to hold regular high-level meetings on defense and arms industry cooperation and to resume the joint defense industry and logistics committee, which had been suspended since 2008.
During their talks, Lee presented his government’s vision for a peaceful Korean Peninsula, seeking Hanoi’s support and cooperation. Lam expressed support for Seoul’s efforts to resume inter-Korean dialogue and pledged to contribute actively to peace and stability on the Korean Peninsula.
Lee extended an invitation to Lam for the upcoming Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, which Lam accepted positively. Vietnam is set to host APEC in 2027.
Later, Lee hosted a state dinner attended by leaders of major economic organizations and businesses, along with prominent figures from various sectors. Attendees included SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Euisun Chung, LG Group Chairman Koo Kwang-mo, and Lotte Group Chairman Shin Dong-bin.
In his toast, Lee expressed South Korea’s dedication to being Vietnam’s best partner as it pursues its own economic growth, likening it to South Korea’s “miracle on the Han River.” In response, Lam appreciated Lee’s hospitality and hoped for South Korea’s support as Vietnam enters a new era. The Vietnamese leader also extended an invitation for Lee to visit Vietnam for a state visit in the near future.